FROM: Amy McInerny, Chief Financial Officer
SUBJECT: Approve updates to Actuary and Audit Policy No. 004 (Audit Committee Charter)
RECOMMENDATION:
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Approve and adopt updates to Actuary and Audit Policy No. 004 (Audit Committee Charter).
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BACKGROUND:
Actuary and Audit Policy No. 004 establishes an Audit Committee to advise the Board on audit matters, and its recommendations are subject to final approval by the Board.
Actuary and Audit Policy No. 004 (Audit Committee Charter) was last reviewed in 2022.
Pursuant to General Policy No. 005, staff has conducted a review of Actuary and Audit Policy No. 004 and has found it both generally consistent with current practice and appropriate for SBCERA's program. Staff is recommending minor changes to the policy, which are reflected in the redlined policy attached as Exhibit “A”.
COMMITTEE REVIEW:
This item was reviewed by the Audit Committee at its March 20, 2025 meeting, and recommends Board approval with a 3-0 vote.
BUDGET IMPACT:
None.
STRATEGIC PLANNING GOAL/OBJECTIVE:
Prudent Fiscal Management
STAFF CONTACT:
Amy McInerny
ATTACHMENTS:
Exhibit A: Actuary and Audit Policy No. 004 (Audit Committee Charter) - Redline